The dangers of not having a promissory note when loaning money
When you make a monetary loan, it is always a good idea to have a promissory note setting forth the terms of the loan. A promissory note is also used in real estate transactions.
Category Archives: Articles
Why should you have a formal partnership dissolution agreement?
If you have a business partnership with one or more persons and someone wants to leave the partnership, a formal agreement is truly necessary to protect everyone involved. The technical term for this type of agreement is a dissolution, which is the change in the relationship of the partners caused by any partner ceasing to be associated with… Read More »
When is a limited liability partnership agreement necessary?
As with a general partnership, a limited liability partnership requires an agreement so that each partner’s role, protections and expectations are clearly defined. The limited liability partnership (LLP) has been an ever-growing form of business organization in recent years. It protects a partnership in much the same way as a limited liability corporation protects the business. It is… Read More »
When should a partnership agreement be created?
A partnership is created when two or more individuals decide to form a business or enter an endeavor together. The partnership agreement is meant to clearly define the terms of the partnership, clarifying the responsibilities and benefits for each partner.
Do I need a general power of attorney or a limited one?
A power of attorney is a document giving a trusted friend or lawyer the right to perform any legal act on your behalf. Anyone should be very cautious about utilizing these documents, as the person holding the power can literally perform any transaction in your absence. However, many times this grant of power is absolutely necessary to handle… Read More »
Why should I sign a consent form if my child is traveling with relatives or friends?
At times your child may have the opportunity to take a vacation or trip without you present. However, unexpected problems can always arise, which might require your consent. Let’s say, for example, that your child travels with a friend for school vacation to visit another state. While there, your child falls out of a tree on the family… Read More »
When do I need a mechanic’s lien?
If you own a business or perform services for someone, you expect to be paid, unless previous arrangements have been made for the donation of your time and materials. In order for your business to continue in a profitable manner, you have to rely on customers to pay their bills on time. However, in many cases, this simply… Read More »
Why is a letter of credit important?
Guidelines for letters of credit are set up in Article 5 of the Uniform Commercial Code. Letters of credit are important for business entities and individuals alike. When a business is attempting to purchase goods, services and technology to serve their clients, a letter of credit is essential. Most businesses do not pay cash or write a check… Read More »
When should a landlord require tenants to sign a lease?
When you own rental property, there are many circumstances and agreements under which you may choose to rent it. However, you should always protect yourself in the event your tenant does not uphold their part of your agreement.
Should I have a durable power of attorney for health care?
The durable power of attorney for health care is another documents that should go hand in hand with the living will as part of a person’s estate planning. The durable power of attorney for health care works much in the same manner as a limited power of attorney. It assigns the right of making health care decisions to… Read More »